The difference between failure and success in the beverage business is often tons of hard work, vision and, most importantly, the right decisions based on the right advice.
And while your passion for beverage entrepreneurship may trend one direction or another, what really matters is how you leverage practical know-how and existing advice in your journey and make it work for you.
On that account, mentioned below are the considerations to make when you consider beverage entrepreneurship. You’ll see that some of them are simple mottos, but they can have a significant positive impact on your business.
1. Protect Your Manufacturing Investment
If you’re planning to set up a manufacturing facility to create and deliver beverages, make sure you do something to protect your investment. Remember, your machinery will depreciate if you don’t take measures to safeguard it from wear and tear.
Fortunately, wear blocks and other similar products are available to protect your investment via steel backing plates and other materials that get zero wear when experiencing abrasive flow. Such products manage the composite in severe conditions that are known to cause composite cracking. With options like these, you can make your units shatterproof. Therefore, you don’t have to worry about your machinery undergoing physical damage. Also, external casts will safeguard internal components from dust.
2. Give a Thought to Scaling
From the start, adopt the mindset that your idea could really work. This would help you take measures for scaling when they matter the most. In other words, do branding based on your potential to scale from the very first day. And instead of counting on co-packing facilities, be manufacturing-oriented, and get everyone on board when it comes to production from the early days.
And as you give a deep thought to scaling, avoid being a me-too. The thing is, the beverage market is highly competitive, so you won’t be able to survive in the long run by copying others. Therefore, do something creative, something different. Don’t try to fit an existing idea in your brand identity. Unique branding kicks in at scale, often leaving entrepreneurs surprised.
3. Know About Competition & Looming Challenges
It’s likely that a majority of new beverage companies will pop up as you start your venture. The small-to-medium sized beverage manufacturers and distributors will be your competition, not the large industry giants. Research about them to make sure that you’re able to employ sustainable practices to support business continuity. One thing you can do is keep innovative tactics for the future, and scrape along with your competitors for a year or so.
Also, analyze the challenges you’re going to face in this market. For instance, distribution can be a menace. Limited shelf space, crowded market, and consolidation among beverage distributors will give you headaches. Furthermore, you won’t be able to expand easily without hiring someone to sell on your behalf as it was doable in the past. A decent marketing plan needs to be in place if you want to survive in the industry.
To conclude, you need to take the following considerations into account and develop a roadmap to get a decent payback on your efforts. The key lies in planning ahead, reducing the cost of scaling, and falling in love with your product (the main selling point).
